For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted.
|Casualty loss in a Federally declared disaster area after
$100 floor (not covered by insurance)
|Home mortgage interest (loan qualifies as acquisition indebtedness)||19,840|
|Credit card interest||992|
|Property taxes on home||14,880|
|State income tax||17,360|
|Tax return preparation fees||1,488|
Calculate the amount of itemized deductions the Gibsons may
claim for the year. $----
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